A monthly (May 2012) snapshot of what is happening in the real estate market of India's seven major cities By Jones Lang LaSalle (JLL) India
The cities are..!
1. Bangalore
2. Chennai
3. Hyderabad
4. Delhi
5. Kolkata
6. Mumbai
7 .Pune
Demand picked pace in Delhi NCR in May, 2012 particularly in Gurgaon & Noida. There was a slight increase in the number of enquiries for office space; pre-commitments in SEZs remained healthy and the vacancy rate decreased marginally with an increase in demand and limited supply. Key transactions included Flipkart leasing space in DLF Cybercity at Gurgaon, Corbus leasing space in Noida City & Naukri.com leasing an entire project on the Noida-Greater Noida Expressway.
The “DLF Multi-Level Car Park”, a commercial block in the CBD, commenced operations with nearly 55 to 60% occupancy. Rents & capital values remained stable. Select properties in select precincts of Gurgaon quoted rents above the market average in May, 2012.
Retail Space Market..!
Leasing remained sluggish as quality space in malls remained a constraint. Vacancy rates in prominent
malls were in single digits in May, 2012. One of the key retail transactions was done by Cinepolis pre- committing space on the Noida - Greater Noida Expressway.
The retail component of Delhi Airport Metro Express-Shivaji Marg Station commenced operations with nearly 45 to 50% occupancy. Rents &
capital values remained stable over the May month.
Residential Market..!
Residential sales remained stable in Delhi NCR during May (2012). Projects launched in May included Assotech Blith located at sector 99 on Dwarka Expressway, Paras Irene located at Sector 70 A, Gurgaon & Shubhkamna Legend, located at Sector 150, Noida.
There was a nominal increase in rents in few completed projects. Capital values remained stable across all sub markets.
INFRASTRUCTURE ONGOING ..!
* Announcement of signal - free road link from NH 8 to Golf
Course Road.
* Proposed Airport in Jevar, Greater Noida cancelled. This might adversely impact residential prices in surrounding areas.
* Yamuna Expressway to be opened by July to August 2012.
Src: Jones Lang LaSalle
The cities are..!
1. Bangalore
2. Chennai
3. Hyderabad
4. Delhi
5. Kolkata
6. Mumbai
7 .Pune
Delhi
Office Space Market..!Demand picked pace in Delhi NCR in May, 2012 particularly in Gurgaon & Noida. There was a slight increase in the number of enquiries for office space; pre-commitments in SEZs remained healthy and the vacancy rate decreased marginally with an increase in demand and limited supply. Key transactions included Flipkart leasing space in DLF Cybercity at Gurgaon, Corbus leasing space in Noida City & Naukri.com leasing an entire project on the Noida-Greater Noida Expressway.
Office |
Rents |
Capital Value |
Key Precincts |
INR per sq ft per month |
INR per sq ft |
Barakhamba Road |
140-380 |
24,000-32,000 |
Jasola |
110-170 |
16,000-21,000 |
DLF Cybercity |
65-70 |
NA |
MG Road |
110-125 |
14,000-17,000 |
Golf Course Road |
85-95 |
11,000-13,000 |
Sohna Road |
45-55 |
6,500-8,000 |
Retail Space Market..!
Leasing remained sluggish as quality space in malls remained a constraint. Vacancy rates in prominent
malls were in single digits in May, 2012. One of the key retail transactions was done by Cinepolis pre- committing space on the Noida - Greater Noida Expressway.
|
Retail
|
Rents
|
Capital Value
|
|
Key Precincts
|
INR per sq ft per month
|
INR per sq ft
|
|
South Delhi
|
180-240
|
21,000-30,000
|
|
West and North Delhi
|
140-220
|
14,000-22,000
|
|
Gurgaon-MG Road
|
140-230
|
15,000-20,000
|
|
Rest of Gurgaon
|
60-100
|
8,000-14,000
|
|
Noida
|
130-220
|
14,000-25,000
|
|
Ghaziabad
|
90-150
|
10,500-16,000
|
The retail component of Delhi Airport Metro Express-Shivaji Marg Station commenced operations with nearly 45 to 50% occupancy. Rents &
capital values remained stable over the May month.
Residential Market..!
Residential sales remained stable in Delhi NCR during May (2012). Projects launched in May included Assotech Blith located at sector 99 on Dwarka Expressway, Paras Irene located at Sector 70 A, Gurgaon & Shubhkamna Legend, located at Sector 150, Noida.
|
Residential
|
Rents
|
Capital Value
|
|
Key Precincts
|
INR per month for a
1,000 sq ft 2BHK apartment
|
INR per sq ft
|
|
Golf Course Road
|
18,000-21,000
|
10,000-16,000
|
|
Sohna Road
|
10,000-11,500
|
5,000-7,500
|
|
Golf Course Extension
Road
|
10,000-13,000
|
6,200-7,700
|
|
Noida-Greater Noida Expressway
|
11,000-13,000
|
4,000-5,500
|
|
Noida City
|
12,000-14,000
|
4,200-6,000
|
|
Indirapuram
|
10,000-11,000
|
3,300-4,000
|
There was a nominal increase in rents in few completed projects. Capital values remained stable across all sub markets.
INFRASTRUCTURE ONGOING ..!
* Announcement of signal - free road link from NH 8 to Golf
Course Road.
* Proposed Airport in Jevar, Greater Noida cancelled. This might adversely impact residential prices in surrounding areas.
* Yamuna Expressway to be opened by July to August 2012.
Src: Jones Lang LaSalle
